olivLaw · European equity research
BIGBEN INTERACTIVE BIG.PA
France · Euronext Paris · ISIN FR0000074072 · Vertical: Listed companies from France
BIGBEN INTERACTIVE is a French group that develops and distributes console gaming accessories and video games through its NACON subsidiary, and also sells mobile phone accessories. For fiscal 2025/26 it reported a large operating loss, driven mainly by impairments of NACON assets, which keeps the performance of its segments in focus. Gaming accounted for 55 % of consolidated revenue.
At the close of 05 Nov 2026, BIGBEN INTERACTIVE (BIG.PA) stock was 0.06 EUR (−8.94% on the day), with market capitalisation 1.0 m EUR, beta 0.29, 52-week range 0.06–1.07 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 14.9
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.06 – 0.08
- below the lower band · %B -0.21 · band width 24.9%
- SMA 50 / 200
- 0.10 / 0.33
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −32.8% | +0.4% | −33.2 pp | — |
| 3 months | −62.6% | −3.3% | −59.3 pp | — |
| 6 months | −85.0% | +4.0% | −89.0 pp | — |
| Year to date | −94.0% | +8.1% | −102.1 pp | — |
| 1 year | −94.7% | +10.7% | −105.4 pp | −6.8% |
| 3 years | −98.2% | +50.1% | −148.3 pp | −4.2% |
| 5 years | −99.6% | +43.6% | −143.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 292.0 m | 288.0 m | 284.5 m |
| Revenue YoY | unavailable | −1.4% | −1.2% |
| Net income | 14.0 m | 235.0 k | -237.4 m |
| Net income YoY | unavailable | −98.3% | −101,106.4% |
| Diluted EPS | 1.13 | 0.01 | -12.77 |
| Diluted EPS YoY | unavailable | −99.1% | −127,800.0% |
| net % | 4.8% | 0.1% | -83.4% |
| Free cash flow | 75.5 m | 66.3 m | 74.4 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 31.6 m EUR
- Financial debt
- 3.2 m EUR
- Net debt
- -28.4 m EUR
- Equity
- -55.8 m EUR
- Total assets
- 287.2 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.58x
- ROE
- unavailable
- ROA
- -49.4%
- FCF margin
- 26.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 292.0 m | 288.0 m | 284.5 m | esef· 21 Oct 2026verified |
| Operating income | 23.8 m | -2.0 m | -378.7 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 54.2 m | 63.0 m | 65.4 m | esef· 21 Oct 2026verified |
| EBITDA | 78.0 m ≈ | 61.1 m ≈ | -313.4 m ≈ | esef· 21 Oct 2026derived |
| Pre-tax income | 20.1 m | -3.3 m | -384.2 m | esef· 21 Oct 2026verified |
| Income tax | -834.0 k | -3.0 m | 10.7 m | esef· 21 Oct 2026verified |
| Net income | 14.0 m | 235.0 k | -237.4 m | esef· 21 Oct 2026verified |
| Diluted EPS | 1.13 | 0.01 | -12.77 | esef· 21 Oct 2026verified |
| Weighted average diluted shares | 18.6 m | 18.6 m | 18.6 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 41.2 m | 45.3 m | 31.6 m | esef· 21 Oct 2026verified |
| Inventories | 72.9 m | 69.5 m | 62.7 m | esef· 21 Oct 2026verified |
| Current assets | 210.2 m | 209.1 m | 185.9 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 20.8 m | 18.0 m | 17.3 m | esef· 21 Oct 2026verified |
| Goodwill | 177.0 m | 175.4 m | 12.9 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 223.5 m | 241.7 m | 50.6 m | esef· 21 Oct 2026verified |
| Total assets | 650.9 m | 673.5 m | 287.2 m | esef· 21 Oct 2026verified |
| Long-term debt | 153.2 m | 87.0 m | 3.2 m | esef· 21 Oct 2026verified |
| Current liabilities | 139.9 m | 219.6 m | 318.1 m | esef· 21 Oct 2026verified |
| Equity | 327.0 m | 338.9 m | -55.8 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 12.4 m | — | 18.6 m | esef· 21 Oct 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 79.7 m | 70.5 m | 76.7 m | esef· 21 Oct 2026verified |
| Capex | 4.2 m | 4.2 m | 2.3 m | esef· 21 Oct 2026verified |
| Free cash flow | 75.5 m ≈ | 66.3 m ≈ | 74.4 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -90.0 m | -78.9 m | -74.3 m | esef· 21 Oct 2026verified |
| Financing cash flow | -15.0 m | 10.3 m | -26.1 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.0 m EUR
Key indicators
Coverage and freshness
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -83.4% | 18 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7,277.1% | 100 (on a fixed band) | 44% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial18/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BIGBEN INTERACTIVE (BIG.PA). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 284.5 m EUR in 2026; YoY growth -1.2%; net margin -83.4%; ROE -240.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 7,277.1%
What contradicts it
- Net margin: -83.4%
- Current ratio: 0.6x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for BIG.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BIGBEN INTERACTIVE is a French group that develops and distributes console gaming accessories and video games through its NACON subsidiary, and also sells mobile phone accessories. For fiscal 2025/26 it reported a large operating loss, driven mainly by impairments of NACON assets, which keeps the performance of its segments in focus. Gaming accounted for 55 % of consolidated revenue.
SWOT
Strengths
- The group has an extensive portfolio of games and licences, with over two hundred new licence contracts a year, which gives it diversification.
- Its position as a supplier to console makers and the recognition of the NACON and RIG brands are relevant commercial assets.
- Vertical integration, through in-house studios and a factory in France, gives control over production and margin.
Weaknesses
- The large operating loss in fiscal 2025/26 shows weak profitability, linked to asset impairments.
- Dependence on the US market for accessories exposes the group to demand declines that flow directly into revenue.
- The gross margin of the audio and telephony segment remains weaker than that of premium games and accessories.
Opportunities
- Rising digital sales could improve margins, since they remove storage and intermediary costs.
- New headsets, steering wheels and the controller range for Xbox could support a recovery in accessory activity.
- The AA game segment offers niches less exploited by large publishers, where the group can use its expertise.
Threats
- Intense competition in games and accessories can pressure prices and margins, especially in the entry-level segment.
- Console launch cycles influence demand and can amplify volatility in results.
- Changes in mobile phone demand can affect sales of fast-moving accessories.
Risks
- Major asset impairmenthigh
The enterprise value assessment led to the impairment of all NACON fixed assets, including goodwill, which drove a large operating loss.
- Financial position and debt restructuringhigh
The group incurred costs for restructuring its financial debt, and the document refers to an ongoing procedure. The evolution of financing depends on the success of these measures.
- Dependence on the US marketmedium
Lower accessory activity in the United States weighed on Gaming revenue, and a recovery is not assured in the current context.
- Cyclicality of the games sectormedium
Game success depends on launches and console cycles, which makes revenue volatile from one year to the next.
- Low margins in audio and telephonylow
Gross margin in the Audio-Video/Telco segment declined, and turnaround plans involve costs and commercial changes.
Investment thesis
What would need to be true (bull case)
- If the recovery in US accessory activity is confirmed, Gaming growth could offset recent declines and improve results.
- Rising digital sales and a licensed game catalogue could support better margins over time, if launches are well received.
- Industrial integration through the French factory and control over the value chain could reduce costs over the medium term.
What would break the thesis
- The large asset impairments show that the value of some acquisitions was not recovered, which could continue to weigh on results.
- If the US recovery is delayed, the decline in Gaming revenue could continue and pressure margins.
- Debt restructuring and repeated losses could limit the group's financial flexibility.
What to watch
- Evolution of Gaming revenue and US accessory activityfiscal 2026/27
- Results of the scheduled game launches and Back Catalogue performancefiscal 2026/27
- Progress of turnaround plans for Audio-Video/Telco2027
- Status of the financial debt restructuring and the ongoing procedurenext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
BIGBEN INTERACTIVE, through the NACON subgroup, produces console accessories (controllers, headsets, keyboards, microphones) and is a video game developer-publisher that also distributes products, exclusively or not. The group also operates in mobile phone accessories and connected objects, where it presents itself as a major player in France. Its logistics activity is concentrated at the Lauwin-Planque platform, covering 29 000 m2.
The NACON model is an integrated developer-publisher designed to capture the full value of games through in-house studios and equity stakes. Management describes a strategy focused on the AA segment, with development budgets lower than AAA titles and sales targets between 200.000 and 3 million units. The group is also pursuing industrial integration through the new entity Nacon Industries, dedicated to manufacturing accessories in France.
The group relies on a large number of licence agreements, a portfolio of over 250 games and partnerships with console makers. On revenue, Gaming activity declined slightly in fiscal 2025/26, while the Audio-Video/Telco segment grew. The document also refers to a restructuring plan for financial debt.
Segments
NACON Gaming
The Gaming segment, which combines console games and accessories, generated revenue of 160.8 million EUR in fiscal 2025/26, down due to accessory activity in the United States. Gross margin remained stable at 64.5 % of revenue. Game activity performed well, and management indicates that Back Catalogue sales could grow in the coming fiscal year.
BIGBEN Audio-Video/Telco
The Audio-Video/Telco segment recorded revenue of 123.7 million EUR, up 3.1 %, although gross margin fell to 31.0 %. Growth is supported by new distribution channels for audio products, while the telephony mix has shifted toward premium brands. The group is preparing turnaround plans at Metronic France and Bigben Interactive.
Market context
The video game and accessories market depends on console cycles and game launches, and digital sales keep growing, reaching 89 % of dematerialised software activity in France in 2025. The launch of the Nintendo Switch 2 drove strong demand for accessories, with over 3.5 million units sold in its first four days. The mobile accessories market is tied to smartphone launches and network renewals.
Management considers the US gaming accessories market better oriented, which could restore growth in accessory activity if the trend holds. The relevance of these assessments, however, depends on the console cycle and consumer demand.
Trends
- Digitalisation of game distributiontailwind
Digital sales remove manufacturing and storage costs and reduce the number of intermediaries, which can raise publisher margins. A rising digital share benefits groups that own their own catalogue.
- Game launches in fiscal 2026/27tailwind
Several major games are scheduled for the coming fiscal year, and The Mound had a good start. The success of these titles could support game sales and the Back Catalogue.
- Weaker US accessory activityheadwind
Lower accessory activity in the United States pushed Gaming revenue down. A recovery depends on demand for the new RIG headsets and console steering wheels.
- Restructuring of audio and telephony activitiesmixed
Redefining the Bigben Audio-Video perimeter and turnaround plans may reduce losses, but they involve commercial changes and transition costs. The net effect depends on the success of new distribution channels.
Competitive position
In console accessories, NACON competes with other makers offering licensed or own-brand controllers, headsets and wheels. Competition is intense in both premium and entry-level segments, where price and availability matter. In games, the group faces large publishers and independent studios targeting the same niches.
In mobile telephony, the group competes with other accessory suppliers pursuing the same sales channels. The source document does not provide a complete list of competitors, so the analysis is limited to the competitor categories mentioned.
- Major video game publishers
Represent competition for AAA titles and for player attention, with development budgets far larger than NACON's.
- Console accessory manufacturers
Compete on controllers, headsets and wheels, in both premium and entry-level segments.
- Mobile telephony accessory suppliers
Operate in the same sales channels for cases, chargers and mobile headsets.
- Independent development studios
Compete for licences and for the game niches the group targets.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202621 Oct 2026
- Annual report 202515 Jul 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / BIGBEN INTERACTIVE · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.